However the financials that have thus far been provided are just a typed out PDF of gross rents and expenses. 

On a 90 day rental even 1/2 month takes a huge percentage of gross income, so basically you need to eliminate use of brokers, MLS, etc.  

Gross income is what you collect from customers.

The gross income is $149K, and expenses are $55K.

It's important that you ask your lender when they lock rates, how fast they move and what qualify gross income they'll take. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

I'm fine with a low overall occupancy number if my gross revenue is where it needs to be. 

The other "economical" areas are going to be more management heavy (think cheaper houses that are expensive in the long run) and the A/A+ neighborhoods will be very difficult to get cash flow (think Elmwood Village or Hertel Ave duplexes that are $350-400K but gross $3600/mo on the top end). 

An IDGT is a type of irrevocable trust that treats the grantor as the trust owner for income tax purposes (they pay the income taxes for the trust during their lifetime), but the assets contributed to the trust (a completed gift for tax purposes) are not included in the gross estate of the grantor at their death.

The house would be considered a capital asset, so to be conservative, I would estimate 20% of the gain for tax, plus an additional 3.8% for the net investment income tax if your total adjusted gross income (worldwide) is over 250k.